Markets climb for 2nd day; Sensex, Nifty rally nearly 2% each

Benchmark indices advanced for the second straight session on Tuesday, with the Sensex and Nifty jumping nearly 2 per cent each, mirroring a rally in global equity markets. Buying in index majors Reliance Industries and IT stocks buoyed the benchmarks.

The BSE Sensex zoomed 934.23 points or 1.81 per cent to settle at 52,532.07. During the day, it rallied 1,201.56 points or 2.32 per cent to 52,799.40. The NSE Nifty climbed 288.65 points or 1.88 per cent to finish at 15,638.80.

From the Sensex pack, Titan, SBI, TCS, HCL Technologies, Dr Reddy’s, Tata Steel, Wipro, Infosys, ITC and Tech Mahindra were the major gainers. Only Nestle India ended marginally lower.

Elsewhere in Asia, markets in Hong Kong, Tokyo and Seoul ended with smart gains, while Shanghai settled in the red. European markets were trading in the green in mid-session deals. The US markets were closed on Monday for a holiday.

“Absence of fresh selling triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted equity market to showcase recovery. The recovery indicates that the current uncertainties of inflation and monetary policy tightening have been factored in,” said Vinod Nair, Head of Research at Geojit Financial Services.

However, with the highly sensitive nature of the current equity market, even the slightest inconvenience can trigger volatility, he added.

Meanwhile, international oil benchmark Brent crude jumped 1.57 per cent to USD 115.9 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,217.12 crore on Monday, as per exchange data.

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